AVCJ

KKR to invest about $150 million in India's Gland Pharma – report

  • Mirzaan Jamwal
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KKR is reported to be in the process of buying around 30% of Gland Pharma, an active pharmaceutical ingredients and injectable drugs manufacturer, for $150 million.

According to Reuters, a deal is likely to be announced in the coming weeks.

Established in 1978, Gland makes active pharmaceutical ingredients and injectable formulations for segments including osteoarthritis, anti-coagulants, gynecology, and ophthalmology.

According to AVCJ Research, the Evolvence India Life Sciences Fund - a vehicle managed by Invascent Capital in which Dubai-based Evolvence Capital is the anchor LP - invested $30.45 million in Gland Pharma in 2008.

The company's revenue has grown from $26 million in 2007-2008 to $150 million in the financial year ended March 2013, with an operating profit of about $45 million, according to the Economic Times.

Since closing a second pan-Asian fund at $6 billion in July, KKR has acquired  an 80% stake in Panasonic Healthcare for JPY165 billion ($1.67 billion), a substantial minority stake in Malaysia's Weststar Aviation Services for approximately MYR642 million ($200 million) and a 10% stake in Qingdao Haier, a Chinese home appliance maker, for RMB3.38 billion ($552 million)

The Gland Pharma deal would be KKR's second deal in India this year - in April it agreed to buy Warburg Pincus' controlling stake in Indian tire maker Alliance Tire Group.

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